The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMAZON COM INC COM 023135106 69,445 59,382 SH   SOLE   0 0 59,382
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 72,755 2,004,828 SH   SOLE   0 0 2,004,828
BOEING CO COM 097023105 56,121 190,242 SH   SOLE   0 0 190,242
NORTHROP GRUMMAN CORP COM 666807102 50,960 165,935 SH   SOLE   0 0 165,935
RAYTHEON CO COM NEW 755111507 49,882 265,500 SH   SOLE   0 0 265,500
EZCORP INC CL A NON VTG 302301106 31,391 2,573,000 SH   SOLE   0 0 2,573,000
FREEPORT-MCMORAN INC CL B 35671D857 61,596 3,247,000 SH   SOLE   0 0 3,247,000
JOHNSON & JOHNSON COM 478160104 23,563 168,500 SH   SOLE   0 0 168,500
LILLY ELI & CO COM 532457108 25,040 296,300 SH   SOLE   0 0 296,300
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 10,194 1,041,233 SH   SOLE   0 0 1,041,233
MERCK & CO INC COM 58933Y105 17,857 317,000 SH   SOLE   0 0 317,000
ORION ENGINEERED CARBONS S A COM L72967109 89,986 3,515,059 SH   SOLE   0 0 3,515,059
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 40,659 492,000 SH   SOLE   0 0 492,000
PIONEER NAT RES CO COM 723787107 54,484 315,300 SH   SOLE   0 0 315,300
ORBITAL ATK INC COM 68557N103 30,923 235,034 SH   SOLE   0 0 235,034
LOCKHEED MARTIN CORP COM 539830109 48,691 151,600 SH   SOLE   0 0 151,600
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 76,119 441,476 SH   SOLE   0 0 441,476
ALLERGAN PLC SHS G0177J108 25,022 152,900 SH   SOLE   0 0 152,900
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 10,091 953,809 SH   SOLE   0 0 953,809
DOWDUPONT INC COM 26078J100 35,660 500,000 SH   SOLE   0 0 500,000
JD COM INC SPON ADR CL A 47215P106 58,148 1,404,200 SH   SOLE   0 0 1,404,200
KAPSTONE PAPER & PACKAGING C COM 48562P103 8,509 375,000 SH   SOLE   0 0 375,000
TRIPADVISOR INC COM 896945201 6,619 192,130 SH   SOLE   0 0 192,130